One of the main objectives of multicarrier modulation is to provide multiple accesses for wireless communication systems with higher data rates while having minimum out of band radiation, high spectral efficiency and less complexity. Orthogonal frequency division multiplexing (OFDM), Universal filter multicarrier (UFMC), Filter bank multicarrier (FBMC) and Generalized frequency division multiplexing (GFDM) modulation techniques have been developed to support fourth generation and beyond 4G wireless systems. Demand of high data rate in fourth generation wireless communication systems has been fulfilled by OFDM techniques but it suffers from the limitation of less spectral efficiency and high PAPR (Peak to average power ratio). Thus to support next generation wireless systems other waveform models are getting attention. Among the techniques available, UFMC seems to be attractive due to high spectral efficiency and less complexity. It has not explored much so in this paper, performance of UFMC have been evaluated with different design factors such as number of sub bands, FFT (Fast Fourier Transform) size, filter characteristics and modulation under the light of PAPR.